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The Company commenced operations in August, 2013 at its Holborn Road location with the objective of providing diagnostic imaging services to patients in Jamaica. Elite is controlled by a group of private partners through a vehicle called Excel Investments Inc. Elite was launched with equity participation from NCB Capital Markets Limited, Sagicor Investments Jamaica Limited and Barnett Limited. For the financial year ended June 30, 2017 its gross revenues had increased to J$263,096,181 and net profits had moved to J$44,205,417 (J$28,827,629 in 2016)

Citigroup Inc. (Citi) is looking for a new boss for its operations in Trinidad and Tobago, The Bahamas and Barbados. On its website on Saturday morning, Citi advertised the career opportunity for a Trinidad Hub Citi Country Officer (CCO). Citi confirmed yesterday via e-mail that CCO Catalina Herrera, who was appointed in 2013, will be leaving Trinidad and Tobago in March.

Revenue for the quarter of US$390,044 reflects one month only – November as the hurricanes wiped out September and October and shut down operations for those two months. The company had sales of US$1.2m in the same quarter last year.

The All Jamaica ‘All Divisions’ Consumer Price Index for December 2017 recorded an increase of 0.6 percent in its index, bringing the 2017 calendar year inflation rate to 5.2 per cent according to the December 2017 Consumer Price Index Bulletin released by the Statistical Institute of Jamaica (STATIN). At the end of the calendar year 2017, the fiscal year- to–date movement was 4.2 per cent.

A major financial hit by associated company Sagicor General Insurance Company has been identified as one of the drags on Goddard Enterprises Limited’s (GEL) financial performance during the 2017 financial year. This was revealed in the conglomerate’s recently-released audited consolidated financials for the year ended September 30, which showed a near 100 per cent drop in the share of income from associated companies.

The Massy Group is seeking greater fortunes in countries like Guyana and Colombia as it acknowledges company profits are under threat in its main money earners, Barbados and Trinidad and Tobago. At the end of Massy’s financial year on September 30, 2017, the two key markets registered slight declines, with revenue from Barbados’ operations falling from TT$2.97 billion (BDS $990 million) in 2016 to TT$2.90 billion (BDS $968 million) in 2017.

Prime Minister Dr Hubert Minnis has said his administration will relax Exchange Control on capital transactions, namely on capital (investment) and current account (trade) transactions for small and medium-sized Bahamian businesses/enterprises (SMEs). The changes, which will come into effect February 1 this year, are expected to assist SMEs and Bahamian investors by improving the ease of doing business for Bahamians and residents.

2017 was an amazing year for us! We hope it was the same for you too. Throughout the year we made a lot of progress, invested in several areas, and during the process, we grew our membership significantly, sent a LOT of emails, and had thousands of visitors. Thanks for making it an amazing year! Here’s to making 2018 even better.

Hello, MoneyMax101 readers! Here’s your news update.

Following an apparent disagreement over the direction of Sagicor Group Jamaica’s hotel portfolio, the financial conglomerate is saying tonight that the parties have settled on a new posting for Rohan Miller. Effective January 2, Miller, who was in charge of the hotel portfolio as president and chief executive officer of Sagicor Real Estate X Fund Limited, has been given a new job with Sagicor Financial Corporation, the Barbadian parent company for Sagicor Jamaica.

Eric Jason Abrahams, a shareholder of Cable & Wireless Jamaica Limited (CWJ), has filed an application in the Supreme Court in Jamaica against CWJ, requesting permission from the Court for him to bring what is known as a derivative action in a court in Florida, USA, in name of and on behalf of CWJ against its parent company, as well as some of CWJ’s past and present directors and who he terms shadow directors for losses sustained by CWJ which he says were caused by them acting in breach of their fiduciary duties, for the sole benefit of the parent company. By the proposed law suit, he seeks to recover against assets owned by the parent company in Florida.

Year end net profit almost doubles to J$101.0m from J$56.5m a year earlier. However the auditors have expressed concerns with their receivables. There was a $9.8m impairment provision and the auditors are expressing concern as trade receivables represents 22% of total assets.

Liberty Latin America Class A and Class C common shares are now trading on the NASDAQ Global Select Market. Liberty Latin America Ltd, a leading telecommunications company with operations in Chile, Puerto Rico, the Caribbean and other parts of Latin America, today announced the completion of its previously announced split-off from Liberty Global plc and its launch as an independent, publicly-traded company.

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Victoria Mutual Investments Limited (VMIL) is scheduled to list on the main market of the Jamaica Stock Exchange (JSE) following a successful public offer, which was over-subscribed and closed on December 12. The offer surpassed its intended target of just under $700 million to close in excess of $2 billion.

ExxonMobil, along with its partners, that are preparing to begin commercial oil production in early 2020 at the Liza 1 Field offshore Guyana have been granted very generous tax concessions, even as both parties are touting the hefty earnings that the country will make in 20 years from one field alone.

Wisynco Group Limited will distribute the frozen and dry food portfolio of Unilever formerly held by Lasco Distributors. Chairman William Mahfood also announced a three per cent rollback on the prices of imported products distributed by Wisynco as of January 2018 at the company’s listing ceremony on the Jamaica Stock Exchange on Thursday.

Eppley Limited, which mainly provides insurance premium financing, will float two preference stock as the first out of the blocks to fundraise on the market in the new year with issues that are priced to raise $800 million. It will result in the company lowering the cost of debt from 9 per cent on average, to paying 8.75 per cent on the Jamaican dollar pref. Eppley will also float a US dollar pref for the first time, which will pay dividends at five per cent.

Hello, MoneyMax101 readers! Here’s your news update.

Financial services giant Sagicor, which last year moved its holding company to Bermuda after more than 170 years in Barbados, is preparing to establish a firmer footing in the British overseas territory located in the North Atlantic, according to a recent International Monetary Fund (IMF) report. It was first announced in January 2015 that Sagicor planned to move its holding company, Sagicor Financial Corporation (SFC), to escape the negative impact of Barbados’ repeated downgrades by the international ratings agencies.

Cuban President Raúl Castro will remain in power until April, the government said Thursday, delaying a historic transition that would leave the communist island nation without a Castro in charge for the first time since 1959. This due to delays and complications related to destruction inflicted by Hurricane Irma.

The government of Anguilla could soon become the first country to formally harness the red-hot growth of initial coin offerings (ICOs) through legislation aimed to create regulatory clarity for the industry and attract new investment to the island jurisdiction.

Having had the problem several months ago it seems implausible that the JSE has not moved speedily to correct what is clearly a problem when IPOs start trading. Why has the stock Exchange board not moved to correct what is clearly a problem for new listings? Why has the FSC not intervened to ensure it gets sorted out, before new listings come to market?

Hello, MoneyMax101 readers! Here’s your news update.

Businessman Michael Lee-Chin has served notice that he intends to submit to arbitration a claim against the government of the Dominican Republic seeking to recover more than US$300 million in damages for expropriating his investment in that country. Lee-Chin is contending that because of the Dominican Republic’s violations of its treaty obligations, he has suffered, and continues to incur, significant financial and moral damages.

St. Lucia has launched its food and rum festival with Tourism Minister Dominic Fedee noting that the island had in the past invested heavily in the St. Lucia Jazz festival, which for many years became this island’s main tourism marketing event.

Massy United Insurance will pay out in excess of US$250 million to hundreds of customers affected by Hurricanes Harvey, Irma and Maria, which hit the Caribbean earlier this year. To date, the company has received in excess of a thousand claims from clients with damage.

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The opening of the Burger King Franchise in Guyana is an indication of “progressive entrepreneurs” willingness to invest in the country, the Minister of Finance Winston Jordan said. Burger King, the latest fast food franchise acquired by the Corum Group, was officially launched on Monday.

National Rums of Jamaica Ltd continues to widen its footprint locally and internationally through its brand Monymusk Plantation Rums. “The company is in advanced discussions with a distributor in the United States of America who will start distributing the company’s brand in the second quarter of next year”…

Red Stripe Jamaica on Tuesday launched its new Production Line that will grow the brewery’s capacity to one million beers per day, powered by liquefied natural gas. The new line will nearly triple the plant’s capacity, totalled 375,000 bottles a day prior to the expansion. Production is presently at 376,000 bottles per day on average.

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